Glut of unsold homes rises to 18-year high
Home resales slipped for the sixth month in a row in August as the credit squeeze forced many sales to fall through, the National Association of Realtors reported Tuesday. With sales of existing homes falling 4.3% to a five-year seasonally adjusted low, inventories of unsold single-family homes rose to an 18-year high. Meanwhile, a separate gauge of home prices fell for the 12th straight month, with prices falling in 15 of 20 major cities over the past year. Prices in 10 major cities are falling at the fastest pace in 16 years. See Economic Report.
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